Chapter 13 Bankruptcy

Michigan Chapter 13 Bankruptcy Attorney Call Us Now at 1-866-CHPTR13

Most people know that new bankruptcy law changes went into effect of October 17, 2005. These new laws had little effect on eligibility for Chapter 13 bankruptcy filings.

The law firm of Marrs & Terry, PLLC has significant experience helping individuals and families throughout southeastern Michigan handle Chapter 13 Bankruptcy filing. Chapter 13 bankruptcy, sometimes referred to as wage earner bankruptcy, typically allows people to keep all their assets and set up a payment plan for secured and non-secured debt.

Skilled Ann Arbor, Michigan Chapter 13 Bankruptcy Attorneys

A significant number of people who file for bankruptcy do so as a result of a divorce or large unexpected medical bills. Often people have the income to pay off their debts, but not in full or at the monthly payment required by their creditors. The attorneys at Marrs & Terry, PLLC are committed to taking the time to understand our client’s financial situation and working with the bankruptcy court and bankruptcy trustee to develop an appropriate Chapter 13 bankruptcy payment plan.

Chapter 13 bankruptcy payment plans are typically based on the client’s income, assets and a percentage of their debt. The new bankruptcy laws have extended the payment period from three years to five years in some cases at which time the balance remaining on unsecured debts, such as credit cards and medical bills is forgiven.

Our Ann Arbor Chapter 13 bankruptcy attorneys have the knowledge, skill, and resources to help get people back on firm financial ground. We understand that filing for bankruptcy is a stressful and emotional decision. We work closely with our clients to ensure that Chapter 13 bankruptcy is appropriate for their situation. If a Chapter 7 bankruptcy is more suitable to their needs, then we steer them in that direction. Regardless why our clients are filing for bankruptcy, our commitment is to help them restore their financial footing.